The Sarbanes - Oxley Act (SOX) requires all public companies to have an internal control system. Section 404 mandates that the company's annual report include an annual internal control report. Who has the primary responsibility for internal control? What is/are the primary purpose/goals of internal controls? What are the limitations of internal controls? What are the main components of a system of internal controls?

Answer rating: 100% (QA)

Management is responsible for establishing and maintaining the control environment Auditors play a role in a system of internal controls by performing evaluations and making recommendations for improv... View the full answer